The President of the Hub Chamber of Commerce and Industry, Mr. Yakoob H. Karim, The former Presidents, Mr. Maqsood Ismail and Mr. Ismail Suttar, said that the State Bank must announce at least a 4% reduction in the mark-up in the upcoming Monetary Policy Committee meeting.

In a statement today, the industry leaders of Balochistan said that there is no other way of meeting government claims to reduce inflation supported by the World Bank except accelerating the growth of business and industry across the country on a war footing. This objective cannot be achieved with the current mark-up rate of 17.50% p.a.

Mr. Yakoob Karim said that the proposed 4% reduction in the markup rate will encourage business activity and new investments, resulting in a decrease in inflation.

The Chamber urges the State Bank of Pakistan’s Monetary Policy Committee to consider this reduction in their meeting to support Pakistan’s economic recovery and growth.